FAAN Commends NFIU, Other Agencies on Nigeria’s Removal from FATF Grey List
Oru Leonard
The Federal Airports Authority of Nigeria (FAAN), has congratulated the Nigerian Financial Intelligence Unit (NFIU), and other agencies involved in Nigeria’s removal from the Financial Action Task Force (FATF) Grey List. FAAN’s Managing Director, Mrs Olubunmi Kuku, praised the NFIU and other agencies for their dedication and resilience in achieving this milestone.
The implications of Nigeria’s removal from grey is that Nigeria is no longer subject to increased international monitoring for perceived weaknesses in its Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) frameworks.
In addition, the removal restores global confidence, facilitates easier and more cost-effective international trade for Nigerian businesses, and enhances the country’s appeal to foreign investors.
FAAN played a significant and substantive role in addressing strategic deficiencies previously identified by the FATF.
*FAAN’s Response:*
– FAAN reaffirms its commitment to transparency and its role as a key champion in Nigeria’s ongoing battle against corruption and financial malpractices.
– The authority encourages potential investors to view Nigeria as a prime and viable investment destination, assuring them of a secure and rewarding environment.
Follow-up questions:
1. What specific reforms led to Nigeria’s removal from the FATF Grey List?
2. How will this development impact Nigeria’s economy and investment landscape?
